Maharashtra Seamless
Technical Highlights:
Elliott Wave Analysis:
The chart appears to be following an Elliott Wave structure, where Wave 4 correction seems to have concluded near the 61.8% Fibonacci retracement level (~₹590).
Wave 5 seems poised to begin, with the potential to push prices significantly higher.
Fibonacci Extension Targets for Wave 5:
Using the Fibonacci extension tool, the expected range for Wave 5 is between 1x and 1.618x of Wave 3.
This translates to a possible upside of 80%–110% from the current price (~₹722).
Moving Averages Support:
The stock is currently trading above the 20-week SMA (₹665)
The long-term 200-week SMA (~₹467) remains intact as a solid baseline.
MACD Momentum:
The MACD line has recently crossed above the signal line, indicating a potential shift towards bullish momentum.
MACD Momentum:
The MACD line has recently crossed above the signal line, indicating a potential shift towards bullish momentum.
Key Levels to Watch:
Support: ₹590 (61.8% retracement), ₹665 (20-week SMA)
Resistance: ₹900 (23.6% retracement), ₹1,090 (Fibonacci extension target 1x)
Wave 5 Potential Target Zone: ₹1,090–₹1,875
Trading Strategy:
Bullish Outlook: If the stock maintains its support levels and begins to form higher highs, a long position targeting the Fibonacci extension levels could yield significant gains.
Risk Management: Keep an eye on the ₹590 level, as a break below this could invalidate the Wave 5 scenario.
Elliott Wave Analysis:
The chart appears to be following an Elliott Wave structure, where Wave 4 correction seems to have concluded near the 61.8% Fibonacci retracement level (~₹590).
Wave 5 seems poised to begin, with the potential to push prices significantly higher.
Fibonacci Extension Targets for Wave 5:
Using the Fibonacci extension tool, the expected range for Wave 5 is between 1x and 1.618x of Wave 3.
This translates to a possible upside of 80%–110% from the current price (~₹722).
Moving Averages Support:
The stock is currently trading above the 20-week SMA (₹665)
The long-term 200-week SMA (~₹467) remains intact as a solid baseline.
MACD Momentum:
The MACD line has recently crossed above the signal line, indicating a potential shift towards bullish momentum.
MACD Momentum:
The MACD line has recently crossed above the signal line, indicating a potential shift towards bullish momentum.
Key Levels to Watch:
Support: ₹590 (61.8% retracement), ₹665 (20-week SMA)
Resistance: ₹900 (23.6% retracement), ₹1,090 (Fibonacci extension target 1x)
Wave 5 Potential Target Zone: ₹1,090–₹1,875
Trading Strategy:
Bullish Outlook: If the stock maintains its support levels and begins to form higher highs, a long position targeting the Fibonacci extension levels could yield significant gains.
Risk Management: Keep an eye on the ₹590 level, as a break below this could invalidate the Wave 5 scenario.
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